A Trajetória até o Novo Mercado da Bovespa
!"        #    # !$ %                 & '                                   #    (
  &     ) #&    !"      #   & #*         #                        #
                                                                  +         # !$     "         &
      !$      *# (       #, &   -                  &          '    .         &         /&          !$
&                  (             &            %             " (            #   ,&    - + 0     &
%       &#       (   !    ) (                     #                      # !$     '
    #     (       # &        )     )             ,&         -           !$     /&        #            #
     #)         ) (              #&                1                  !  1 #       !$ -    #)       !$
  &        (             2                   #                        !$ (      #             '
    !$             +& 2   "     (                  #                  ,&   -     & (      ) (    &
  % #              & #3        # !$           '                                 #    (     +


    ( & !$       $   %           "       &                        &      &     !"
    -&     "         &                                            #           & #            ( & !$
    $ +   -&                ,&       -                  #       #                               *% # %
        #        %   %       %           &                      # !"
                                                                 2                1              !" +


    &    #   ## !$                   (                                       2       %    &4
'           !$               (                 .       %          & (            )     ,&    - +
  # !$   # &   !$            &               /&         &          (      &           )  #&     ( & !$
      !"  &      &           )#                                                  &               +5 1&
(       & (       &            &                       !$        %               # !$       &+
)                         # *      &>                               #         & &                     #         ?@
A                             3          >                & # A-
                                                             6                 )              B& #$
                                                                                                 -               &
& &                           # = DD #$
                                 C   -   &                 >


               =98                                   9 8; 7
                                                      :                            9:     5
                                                                                          <    6, 8
                                                                                                5

♦                                                                             ♦                 #
              %&    ()+ ,                ♦
♦         $ #                                            !               "    ♦       !    $
♦ . &       /        -
♦ 0                !     )&    1
♦ . ,%
    &              (
                   '     ,2                                                                            ,   =6

                                                                                               ♦
                                                                                               ♦       &   ! -
                   8      = E 5
                           6 ,

 ♦                            #'



          ,            =,
                        5          =98


      ♦                            '

                                                        7 5
                                                          =                               ,8


                                             ♦              % ' ( + ,
                                                             &   ')*         ♦           % -( + ,
                                                                                          &   '-)
                                             ♦         '& )-                 ♦      '& '
     8)                                      ♦ . &        /     )            ♦ . &     /      -
          6    !"                            ♦ 0               ! *&$ 1       ♦ 0            ! #'&# 1
                                             ♦ . ,%
                                                &             #(
                                                               #   ,2        ♦ . ,%
                                                                                 &          ( ,
                                                                                            '     2
          7              !"
6      7                                                                            #     ) &                           2 !$
                   # !"
                    2                     & @B D
                                              B                           &             % -                 & $&                    )                           #

           53                             0    # &                   (#                  =       )       2 !"       (#                      '       "




                                                           4    !     * 5
                                                               78                    7                                   :        ; !
                                                                                    9            78                       <   =
                                                                                                                        >         ; !
       4   !      '-5                         67       !
                         4    !
                        - 5                                                                      .                                          ; !         <
                                                                    ; !
                                     "                                                           +                                      .
                                                               >/
                                                                                                     +
 3                                                                                                                                              5
                                                                67              4   !
                                                                                                                >
                                                                                                                    ?


                                                                      4     !
                                                                     <      .




@B D
  B        @B F
             B                @B B
                                B                          @                                 ?                  >




                          3                    &               (      # &       )                           2 !"                  )                         #
                                         ( &       4           &      #   # ( &                                 &                               #

                                                                                                                                                            #
:             !
&    %.       & & #                       !"               ( #              ?        )
     #& #&                 &      &                    &                        !$       &
         G


@                          #                       &       4            *   #
       (#



@    & #(                  *          4 &                                   &
    (




@   #&       ( .    (     '




@ ,      #     .                 6    &@       H               !"
  #%     2    !$   & &1         3 #   '#               )            &   &



@        #   &            # )     2   &    &
:                                ; !<                                       =


                                                                                                                        :                       ; !


                                               Energias do                                                    Mercado                                                            Electrica Pilmaiquen
                                                                                                                        GTD                           EDP Portugal
                                               Brasil                                                                                                                            e Wisteria Holdings                 Mercado
                                                                    96,50% do Capital Total                             Participações
                      23,98% do Capital Total

                                                                                                                                9,9% do Capital Total        69,3% do Capital Total         9,2% do Capital Total          11,6% do Capital Total
                                               Iven


 Mercado              52,3% do Capital Total                              Bandeirante

                                                                                                                                                              Energias
                                                                                                                                                              do Brasil
                                                                                              GTD
 22,7% do Capital Total                                                                       Participações
                                                                  25% do Capital Total
                             Escelsa
                                                                                                                                            100% do Capital Total                                       100% do Capital Total
                                       100% do Capital Total
                                                                                                                                                              Escelsa                           Bandeirante

                             Magistra
Mercado
                                                                                                                        100% do Capital Total
                                                                                                                                                                                       100% do Capital Total
                                        65,20% do Capital Total

                                                                                                                                            Enersul                            Magistra

                             Enersul




                                                                                                                                                                                                                                $
A             76                    ; !
                            *           #)                   .               &                                #       ) -
         )                & #                             # !"
                                                           2                 #3          & ;#
                                                                                            -                +
                                                                                                             ++


                                            6         7

                                            $ (
                                              -5                                              $(5




         -( 5 '
          $                $ (5                  '   (5                           '    (5           '   (5                     '   (5

                           '
     8                                       )                                                                                     #
                          ) #
             '    (5                                          '   (5                                              '   (5
                                  '(5
                                                                  #
                      ,           ,     =                           ?
                                                                                                                  #
                                                          )
                                                          6       !"         ,&        # !"
                                                                                        2                                  7           !"


8)
5        B


.
'                         4                  ?                ; &                     '$(5
                  !
                  !




                                                                         + & &(
                                                                         ++                     (
                                                                                                #        ?I?H
                                                                                                           +                   #        #
                                                                                                                                        -
9           ,             ?

                                        5K



            &        &         #
                               3                 &(            !"         #




                              =    E6 7 5
                                     5       8        JK

                               &
  &             #   &.(   &        &         0      ( .               #   &) -
) !"                    )                         )   )    "                 !"
                      &




                                             #                    )   "   &
        &   &        #2       &# %  2
                                             &)                # &        '   .   &
    #                 #        '   "
                                                       &         &




                                                                                      )
9
9&              &            )#             & &&                       ) ( )&            & #L
                    (                         #                &       (      +
                                                                              ++

                #L           7        !" 4     M       -   @
                                                                                #L   6   !" 4        M        -



                                                                                           B     %
                                       )           #                                  <7
                                                                                               -5
                                                                                     )5
                                       $5                                                                 +
                6
                    5                          <                                                        -5
                                             '#5

                                                                                                              5
                                                                                                                   <
                                                   5                                                              #5 7 3
                                                                                                                      9
                                                                                                                     5
                                                                           %=
    .
                                                                         # 5                                        > C
        -5
                                               73
                                                9                                                                     5
                                              ' 5                                                                 7 %
                C
                5                                                                                                  '5

                                                                                                                  )
                    5                     +                                                     6                     #
                        3,
                                       ''5                                                          5
                        $5       $5                                                                           '5



9       . 3                                                        9    . 3
.                                                                  .
'       C   ,       ; %          #




                                                                                                                           *
7                                                                              >
    (                       #!"         &                       &                    /&                     # * & &              &        ) (
                            &            &)                    !" N 6
                                                                  > A                 6 O
                                                                                       A                        '9 C
                                                                                                                +   >                #$
                                                                                                                                     -    O   P+
                                                                                                                                              ++

7 &                             )                                                                   (            + &
                                                                                                                  7                  )

                                    :        7             +:     D ) "E ( '
                                                                         )5
        490
                                                                                                    '$
                                                                               471                                           :
        470                                                                                                                                                 '
                                                                                                    '                                                       '




                                                                                                                                                            E
        450                                                5                                        '#
                                                          (          442                                                                                   *#( +
                                                                                                                                                             #
                                                     "E
                                                 )




                                                                                         "
                                             D                                                      '
        430




                                                                                         '**- E '
                                                          421
(TWh)




                                        +:
                                                                                                    '
        410                              403
                                                                                                    ''



                                                                                         H
        390                  383
                                                                                                    '

        370       365
                                                                                                        *


        350                                                                                             )
              2003          2004        2005E             2006E      2007E   2008E                          '**- '**) '***       '         #       $   -    )
                                                                                                                      >                        +   !


9             ?                         6<
                                         .
.                                                                     +
                                                                      ++             (   &                   #                             &       )#
'                       A   F                                  G$G
                                                                                                                                         !"
                                                                                                                                                                '
. A                     +       !
       )                #                #
                                         &       &                             #               ?@       A @   H
    # )          2+
                  ++
7       !"              '                                7        !"                       &            &

    $                                                    '&                            '   5
                                                                                                    ?    77
                                                                                                                            '&   )
                                    #'       '       '
                            )
                                                         '&
                  '$'                                                                                               I
                                                                                                         I




                                                         "
"




    #                                                        )                                                                   -
                                                                                   #


                                                             $
             '                                                             '
                                                                                       I
                                                             #

                                                                                                                                 '

    '




        3                   <   7                B                                 I 78         7 I< J!
                                                                                                    !         #K   =4        B
                                     ?    :                                                                             ,

                                                                 8)    G
.                                                                 '            ,   # "
'                 !

                                         +
                                         ++          *   #                                              I &
                                                                      )            '       "             )&             )        !"
                                                                                                                                     ''
7        L


    "G       F       F                          +
                 (       !   FM          ?     %



                                  @Q (       & #   !"




                                                        '
+                      N 9           >




                       ,    #
                            -             ,
                        &       !"       7




                            R            S

            ,&    &
                 &
                   .




    = #!$   &                             @ H   ) # )
    5                                     R( ( S T H
                                              #


                                                        '
< =              6F
    @        )                        )                       #       #             &                      (         = @
                                                                                                                      C

 Estrutura da     @ =)                 #    &       ( !                         '               ( &        )    =)      @> Q
                                                                                                                          >
    Oferta        @ 8 )&                                          N     )        =?P

                  @     #&   #   (              ) = @+ >D #" N # )
                                                   C @F     -                                      - P &        &   "
                      I +@IF
                        F +@F !$            *    N !    = @F
                                                         C     !" P

                  @ ,      # !"
                            2                   (        = I
                                                          C D      & #$ N +
                                                                     -  ?D                  +      !$ P
 Tamanho da       @    (     &*        #2       =C        @ & #$
                                                              -       N DD +
                                                                         +F @               !$ P
   Oferta                         #                   G(                                )   !"

                  @    (       * G                            (         &                       !"           &          *
                      N    &     !$                       *                 = %
                                                                             ?P                   & F B> I !$
                                                                                                       +>
                      N C I #$ P
                      = @> & -

                  @   #                              (        &     '
  Demanda         @ 7 &                & I O>                                           )          #
                  @        4 -U                 # 9
                                                 N                    P(        &                          @>


   Lock up        @ @F                                   #        ,&            -       #
                                                                                        )        '


                  @     ( !                                             (      *                ,&     -
   Varejo               @ 7 &                       = @>>& #$
                                                     C     -                >>
                                                                             D
                        @ 7 &         = @ ? & #"
                                       C      -               I (
                                                               @?           *



                                                                                                                               '#
I :                   D:            ,O
,                @>                      (       &                                #            9                             )           :
=                       H



    Cidades:                  São Paulo              Cidades:        New York      Boston          Cidades:      London      Rotterdam
                              Rio de Janeiro                         Los Angeles Washington                      Frankfurt   Milan
                                                                     San Francisco San Diego
    Investidores visitados:   58                     Investidores visitados:      51               Investidores visitados:   29
     One-on-ones              25                      One-on-ones                 38                One-on-ones              20
     Group meetings           33                      Group meetings              13                Group meetings            9

    Hit ratio:                52%                    Hit ratio:                   51%              Hit ratio:                28%



                                               Abertura do volume financeiro por país/região
                                                                  Varejo Brasil
                                                                      3%



                                                       Brasil                           EUA
                                                       38%                              45%




                                                                      Europa
                                                                       14%



                                                                                                                                             '
Q7       !B
                                            #    &       -    *(         #           &   5              &               # !"
                                                                                                                         2
                                 # +
                                   ++

                   &            VB      N C& #$ P
                                        =    -                                               73         83%        O   57       @




                            + I
                            B
                                                                                                  (8


                       &                         $ *"                                                         (
                                                                                                              *8
                                                                                                  #(8
                   5                                                                                                    (
                                                                                                                        #8
                                     3
    , "
     2




                                     7 ;                      )$'"                                (8                                (
                                                                                                                                    -8
                                      $*5                                         @+?I
                                                                                   >
    :P




                                                                                                  (8
                                                                                                                                             '(8
               3
               $ 5                                                                                '(8
                                      7 ;
                                      '5                                                          (8
                                                                                                                            #       '<       *
                    !             L                  8        :      A       >/     3
                                                                                    /4
          >/       %




.
'                          B>    R     '

                                                         +
                                                         ++                         (                                  &                 &
                                                                                                                                                 '$
>            ,                2
                                        Desempenho das ações
                                              Base 100: 13/07/05
                                                                               7    "       8
    155,00
                                                                                          V=C
    145,00                                                                         D N O O P
                                                                                     @F @

    135,00   5       =?
              = @F
               C
    125,00   N D P
             @?O O
                               7  # !"
                                  )
                               = #        V                                                =C
    115,00                     = @ F NB D P
                                C      OO
                                                                                            BD I
                                                                                             +
    105,00
     95,00
     85,00
               05




               05
                 5

                 5

                 5




                 5

                05


                 5

                 5




                 5

                 5

                 5

                 5

                05

                05
              00

              00

              00




              00




              00

              00




              00

              00

              00

              00
             20




             20

             20
             20




             20
           /2

           /2

           /2




           /2




           /2

           /2




           /2

           /2

           /2

           /2
          8/




          0/

          0/
          8/




          9/
         /7

         /7

         /7




         /8




         /8

         /8




         /9

         /9

         /9

        10
       /0




       /1

       /1
      3/




      7/
     13

     20

     27




     10




     24

     31




     14

     21

     28

     5/
    17




    12

    19
                                      ENBR3                        Ibovespa

                      L    !5                                 =?      5
                      J,              ' G-G   "           S '(
                                                             #5         S(
                                                                         -5
                                                          S (5
                                                           '            S -5
                                                                         -(
                      <    %                              S (5         S $5
                                                                        ''(
                      6   %       ?    G G
                                       '      "           D'-(
                                                             '5         D (
                                                                          )5
                                                                                                '-
>               4                *
=              83%      NC
                        =          P                                                                                57 N C
                                                                                                                       =          P

                         5
      #&
                     +:'      &-           5
                                                                                                                *
                       & $#                                                                                                                            5
       &                                       & )                                                                               *5   --
                                                                                                                )           +:                             -')
                &)*'
       &                               &$)*                                                                     -
                                                                                                                                  -
, "




       &                                                                                                        $                                  #




                                                                                                          , "
 2




                                                                                                           2
       &                                                                                                               **
 P




                                                                                                                #




                                                                                                           P
:




      '&




                                                                                                          :
      '&

                                                                                                                '

           D                                                                                                    D
                                   #   *   #   *                                                                                           #   *       #   *



                                                     8             83%     NC
                                                                           =        P


                                                                                                              )#




                                                                                              $5
                                                     , "




                                                           '                            ' -
                                                      2




                                                           '                                      -
                                                     :P




                                                           D
                                                               "
                                                           '   "     D$)
                                                           '   "
                                                               "            D'$*
                                                                                          #   *       #   *
                                                                                                                                                               ')
U
UUU+   )       # &+
               +

More Related Content

PDF
Farmer's manual eng
PDF
Tobacco Cigarettes
PDF
PDF
Wives Rather Than Mistresses
PDF
6102 db us_en_wp_grid computing
PDF
Betagov content testing 13.1.2012 final
PDF
ประกาศและใบสมัครลูกจ้างชั่วคราว เจ้าพนักงานบัญชี สสอ.แม่จัน
PDF
Java Web Programming Using Cloud Platform
Farmer's manual eng
Tobacco Cigarettes
Wives Rather Than Mistresses
6102 db us_en_wp_grid computing
Betagov content testing 13.1.2012 final
ประกาศและใบสมัครลูกจ้างชั่วคราว เจ้าพนักงานบัญชี สสอ.แม่จัน
Java Web Programming Using Cloud Platform

What's hot (18)

PDF
Qualità Percepita: "I giovani e la loro percezione della città: Liceali"- Genova
PDF
PDF
ประกาศและใบสมัครลูกจ้างชั่วคราว เจ้าพนักงานบัญชี สสอ.แม่จัน
PDF
Cs gate-2012
PDF
分光光度法快速测定玉米叶片中的叶绿素
PDF
Cuáles son-los-beneficios-de-la-gracia-de-dios
PDF
04 face- nose- palate development
PDF
Aunty help
PDF
Development Made Simple with no Coding: Developing Reusable Business Components
PDF
Best of dynami In Atlanta (3)
PDF
Corporate Council on Africa Infrastructure Conference, Washington, DC, Septem...
PDF
[x+1] Company Overview
PDF
Temporis digital#1
PDF
Biofuel For Transport in Sweden
PDF
6thoralmucosaldiseases 2010
Qualità Percepita: "I giovani e la loro percezione della città: Liceali"- Genova
ประกาศและใบสมัครลูกจ้างชั่วคราว เจ้าพนักงานบัญชี สสอ.แม่จัน
Cs gate-2012
分光光度法快速测定玉米叶片中的叶绿素
Cuáles son-los-beneficios-de-la-gracia-de-dios
04 face- nose- palate development
Aunty help
Development Made Simple with no Coding: Developing Reusable Business Components
Best of dynami In Atlanta (3)
Corporate Council on Africa Infrastructure Conference, Washington, DC, Septem...
[x+1] Company Overview
Temporis digital#1
Biofuel For Transport in Sweden
6thoralmucosaldiseases 2010
Ad

Viewers also liked (6)

PDF
Kevin abdulrahman the art of the handshake
PPTX
Slides #02 - Tudo sobre Ações
PDF
Kevin abdulrahman qatar 2022 fifa world cup
PDF
Kevin abdulrahman time management
PPSX
Governança Corporativa
PDF
Governanca corporativa - Principios e Praticas_Valter Faria
Kevin abdulrahman the art of the handshake
Slides #02 - Tudo sobre Ações
Kevin abdulrahman qatar 2022 fifa world cup
Kevin abdulrahman time management
Governança Corporativa
Governanca corporativa - Principios e Praticas_Valter Faria
Ad

Similar to A Trajetória até o Novo Mercado da Bovespa (20)

PDF
Apostila baixo
PDF
OECD, Higher education workshop, Helsinki, 2007, Finland
PDF
Manifiesto En Defensa De Una Sociedad Laica
PDF
Helpers Briefing
PDF
Zayda sierra esp
PDF
Acções professores outubro novembro 2012
PDF
Lehrer coaching broschüre 3
PDF
IASP World Conference, 2004 Bergamo, Italy
PDF
Nota mensual d'actualitat econòmica Maig09
PDF
Manual+citroen+c3
PDF
Six-Core AMD Opteron launched
PDF
Arabic uae e_services_user_manual
PDF
Magnitudes electricas
PDF
025 aunty%20help
PDF
025 aunty help
PDF
Sant Jordi
PDF
9 fa mercantilismo
Apostila baixo
OECD, Higher education workshop, Helsinki, 2007, Finland
Manifiesto En Defensa De Una Sociedad Laica
Helpers Briefing
Zayda sierra esp
Acções professores outubro novembro 2012
Lehrer coaching broschüre 3
IASP World Conference, 2004 Bergamo, Italy
Nota mensual d'actualitat econòmica Maig09
Manual+citroen+c3
Six-Core AMD Opteron launched
Arabic uae e_services_user_manual
Magnitudes electricas
025 aunty%20help
025 aunty help
Sant Jordi
9 fa mercantilismo

More from EDP - Energias do Brasil (20)

PDF
Apresentação Institucional
PDF
Evento IFRS: adaptation of international accounting standards in EDP Energias...
PDF
Evento IFRS: adequação às normas internacionais de contabilidade no Grupo EDP...
PDF
Apresentação Resultados 1T10
PDF
G:\Ri\Website\Arquivos Para Site\ApresentaçõEs\ApresentaçõEs\2010\100308 Ap...
PDF
Dia da EDP no Brasil - Primeiro ano de Novo Mercado
PDF
EDP Energias do Brasil Presentation
PDF
Apresentação EDP Energias do Brasil
PDF
PDF
PDF
PDF
Resultados 3T09
PDF
Resultados 2T09
PDF
Resultados 1T09
PDF
PDF
PDF
PDF
PDF
Resultados 2T08
PDF
Resultados 3T08
Apresentação Institucional
Evento IFRS: adaptation of international accounting standards in EDP Energias...
Evento IFRS: adequação às normas internacionais de contabilidade no Grupo EDP...
Apresentação Resultados 1T10
G:\Ri\Website\Arquivos Para Site\ApresentaçõEs\ApresentaçõEs\2010\100308 Ap...
Dia da EDP no Brasil - Primeiro ano de Novo Mercado
EDP Energias do Brasil Presentation
Apresentação EDP Energias do Brasil
Resultados 3T09
Resultados 2T09
Resultados 1T09
Resultados 2T08
Resultados 3T08

Recently uploaded (20)

PPTX
ekonomi what is economymatkul makro ekonomi.pptx
PDF
COMPANY PROFILE REV 4 UNTUK PENGEMBANGAN AUDIT
PPTX
Polio disease ujsn3 iksnuss. Isnnej.pptx
PDF
B481221.pdf American Journal of Multidisciplinary Research and Review
PDF
southeast-asian-arts jjdjdjdjjfjjhfhfhfj
PPTX
business notesxxxxxxxxxxxxxxxxxxxxxxx.pptx
PPT
MANAJEMEN KEUANGAN THE FINANCIAL MARKET ENVIRONMENT- GITMAN
PPTX
Landscape of Agri startups in India with Special Reference to Assam
PDF
Science 5555555555555555555555555555.pdf
PDF
The Complete Guide to Corporate Tax in the UAE
PPTX
project proposal and project writing example
PPTX
Ch 01 introduction to economics micor and macro
PPTX
Leveraging the power of data for sustainable development
PDF
Entrep Part I entrepreneurship and business
PDF
A480111.pdf American Journal of Multidisciplinary Research and Review
DOCX
INCREASING THE BRAND AWARENESS OF SULWHASOO COSMETICS IN THE VIETNAMESE MARKET
PPTX
ECN 3235 public finance public goods and planning
PPTX
₹2 Lakh Personal Loan in India – Complete Guide
PPTX
NON - FARM - AREAS - OF - EMPLOYMENT.pptx
DOCX
Tiếng anh 7 Friends Plus_ Unit 3 _Final Test.docx
ekonomi what is economymatkul makro ekonomi.pptx
COMPANY PROFILE REV 4 UNTUK PENGEMBANGAN AUDIT
Polio disease ujsn3 iksnuss. Isnnej.pptx
B481221.pdf American Journal of Multidisciplinary Research and Review
southeast-asian-arts jjdjdjdjjfjjhfhfhfj
business notesxxxxxxxxxxxxxxxxxxxxxxx.pptx
MANAJEMEN KEUANGAN THE FINANCIAL MARKET ENVIRONMENT- GITMAN
Landscape of Agri startups in India with Special Reference to Assam
Science 5555555555555555555555555555.pdf
The Complete Guide to Corporate Tax in the UAE
project proposal and project writing example
Ch 01 introduction to economics micor and macro
Leveraging the power of data for sustainable development
Entrep Part I entrepreneurship and business
A480111.pdf American Journal of Multidisciplinary Research and Review
INCREASING THE BRAND AWARENESS OF SULWHASOO COSMETICS IN THE VIETNAMESE MARKET
ECN 3235 public finance public goods and planning
₹2 Lakh Personal Loan in India – Complete Guide
NON - FARM - AREAS - OF - EMPLOYMENT.pptx
Tiếng anh 7 Friends Plus_ Unit 3 _Final Test.docx

A Trajetória até o Novo Mercado da Bovespa

  • 2. !" # # !$ % & ' # ( & ) #& !" # & #* # # + # !$ " & !$ *# ( #, & - & ' . & /& !$ & ( & % " ( # ,& - + 0 & % &# ( ! ) ( # # !$ ' # ( # & ) ) ,& - !$ /& # # #) ) ( #& 1 ! 1 # !$ - #) !$ & ( 2 # !$ ( # ' !$ +& 2 " ( # ,& - & ( ) ( & % # & #3 # !$ ' # ( + ( & !$ $ % " & & & !" -& " & # & # ( & !$ $ + -& ,& - # # *% # % # % % % & # !" 2 1 !" + & # ## !$ ( 2 % &4 ' !$ ( . % & ( ) ,& - + # !$ # & !$ & /& & ( & ) #& ( & !$ !" & & )# & +5 1& ( & ( & & !$ % # !$ &+
  • 3. ) # * &> # & & # ?@ A 3 > & # A- 6 ) B& #$ - & & & # = DD #$ C - & > =98 9 8; 7 : 9: 5 < 6, 8 5 ♦ ♦ # %& ()+ , ♦ ♦ $ # ! " ♦ ! $ ♦ . & / - ♦ 0 ! )& 1 ♦ . ,% & ( ' ,2 , =6 ♦ ♦ & ! - 8 = E 5 6 , ♦ #' , =, 5 =98 ♦ ' 7 5 = ,8 ♦ % ' ( + , & ')* ♦ % -( + , & '-) ♦ '& )- ♦ '& ' 8) ♦ . & / ) ♦ . & / - 6 !" ♦ 0 ! *&$ 1 ♦ 0 ! #'&# 1 ♦ . ,% & #( # ,2 ♦ . ,% & ( , ' 2 7 !"
  • 4. 6 7 # ) & 2 !$ # !" 2 & @B D B & % - & $& ) # 53 0 # & (# = ) 2 !" (# ' " 4 ! * 5 78 7 : ; ! 9 78 < = > ; ! 4 ! '-5 67 ! 4 ! - 5 . ; ! < ; ! " + . >/ + 3 5 67 4 ! > ? 4 ! < . @B D B @B F B @B B B @ ? > 3 & ( # & ) 2 !" ) # ( & 4 & # # ( & & # #
  • 5. : ! & %. & & # !" ( # ? ) #& #& & & & !$ & G @ # & 4 * # (# @ & #( * 4 & & ( @ #& ( . ( ' @ , # . 6 &@ H !" #% 2 !$ & &1 3 # '# ) & & @ # & # ) 2 & &
  • 6. : ; !< = : ; ! Energias do Mercado Electrica Pilmaiquen GTD EDP Portugal Brasil e Wisteria Holdings Mercado 96,50% do Capital Total Participações 23,98% do Capital Total 9,9% do Capital Total 69,3% do Capital Total 9,2% do Capital Total 11,6% do Capital Total Iven Mercado 52,3% do Capital Total Bandeirante Energias do Brasil GTD 22,7% do Capital Total Participações 25% do Capital Total Escelsa 100% do Capital Total 100% do Capital Total 100% do Capital Total Escelsa Bandeirante Magistra Mercado 100% do Capital Total 100% do Capital Total 65,20% do Capital Total Enersul Magistra Enersul $
  • 7. A 76 ; ! * #) . & # ) - ) & # # !" 2 #3 & ;# - + ++ 6 7 $ ( -5 $(5 -( 5 ' $ $ (5 ' (5 ' (5 ' (5 ' (5 ' 8 ) # ) # ' (5 ' (5 ' (5 '(5 # , , = ? # ) 6 !" ,& # !" 2 7 !" 8) 5 B . ' 4 ? ; & '$(5 ! ! + & &( ++ ( # ?I?H + # # -
  • 8. 9 , ? 5K & & # 3 &( !" # = E6 7 5 5 8 JK & & # &.( & & 0 ( . # &) - ) !" ) ) ) " !" & # ) " & & & #2 &# % 2 &) # & ' . & # # ' " & & )
  • 9. 9 9& & )# & && ) ( )& & #L ( # & ( + ++ #L 7 !" 4 M - @ #L 6 !" 4 M - B % ) # <7 -5 )5 $5 + 6 5 < -5 '#5 5 < 5 #5 7 3 9 5 %= . # 5 > C -5 73 9 5 ' 5 7 % C 5 '5 ) 5 + 6 # 3, ''5 5 $5 $5 '5 9 . 3 9 . 3 . . ' C , ; % # *
  • 10. 7 > ( #!" & & /& # * & & & ) ( & &) !" N 6 > A 6 O A '9 C + > #$ - O P+ ++ 7 & ) ( + & 7 ) : 7 +: D ) "E ( ' )5 490 '$ 471 : 470 ' ' ' E 450 5 '# ( 442 *#( + # "E ) " D ' 430 '**- E ' 421 (TWh) +: ' 410 403 '' H 390 383 ' 370 365 * 350 ) 2003 2004 2005E 2006E 2007E 2008E '**- '**) '*** ' # $ - ) > + ! 9 ? 6< . . + ++ ( & # & )# ' A F G$G !" '
  • 11. . A + ! ) # # & & # ?@ A @ H # ) 2+ ++ 7 !" ' 7 !" & & $ '& ' 5 ? 77 '& ) #' ' ' ) '& '$' I I " " # ) - # $ ' ' I # ' ' 3 < 7 B I 78 7 I< J! ! #K =4 B ? : , 8) G . ' , # " ' ! + ++ * # I & ) ' " )& ) !" ''
  • 12. 7 L "G F F + ( ! FM ? % @Q ( & # !" '
  • 13. + N 9 > , # - , & !" 7 R S ,& & & . = #!$ & @ H ) # ) 5 R( ( S T H # '
  • 14. < = 6F @ ) ) # # & ( = @ C Estrutura da @ =) # & ( ! ' ( & ) =) @> Q > Oferta @ 8 )& N ) =?P @ #& # ( ) = @+ >D #" N # ) C @F - - P & & " I +@IF F +@F !$ * N ! = @F C !" P @ , # !" 2 ( = I C D & #$ N + - ?D + !$ P Tamanho da @ ( &* #2 =C @ & #$ - N DD + +F @ !$ P Oferta # G( ) !" @ ( * G ( & !" & * N & !$ * = % ?P & F B> I !$ +> N C I #$ P = @> & - @ # ( & ' Demanda @ 7 & & I O> ) # @ 4 -U # 9 N P( & @> Lock up @ @F # ,& - # ) ' @ ( ! ( * ,& - Varejo @ 7 & = @>>& #$ C - >> D @ 7 & = @ ? & #" C - I ( @? * '#
  • 15. I : D: ,O , @> ( & # 9 ) : = H Cidades: São Paulo Cidades: New York Boston Cidades: London Rotterdam Rio de Janeiro Los Angeles Washington Frankfurt Milan San Francisco San Diego Investidores visitados: 58 Investidores visitados: 51 Investidores visitados: 29 One-on-ones 25 One-on-ones 38 One-on-ones 20 Group meetings 33 Group meetings 13 Group meetings 9 Hit ratio: 52% Hit ratio: 51% Hit ratio: 28% Abertura do volume financeiro por país/região Varejo Brasil 3% Brasil EUA 38% 45% Europa 14% '
  • 16. Q7 !B # & - *( # & 5 & # !" 2 # + ++ & VB N C& #$ P = - 73 83% O 57 @ + I B (8 & $ *" ( *8 #(8 5 ( #8 3 , " 2 7 ; )$'" (8 ( -8 $*5 @+?I > :P (8 '(8 3 $ 5 '(8 7 ; '5 (8 # '< * ! L 8 : A >/ 3 /4 >/ % . ' B> R ' + ++ ( & & '$
  • 17. > , 2 Desempenho das ações Base 100: 13/07/05 7 " 8 155,00 V=C 145,00 D N O O P @F @ 135,00 5 =? = @F C 125,00 N D P @?O O 7 # !" ) = # V =C 115,00 = @ F NB D P C OO BD I + 105,00 95,00 85,00 05 05 5 5 5 5 05 5 5 5 5 5 5 05 05 00 00 00 00 00 00 00 00 00 00 20 20 20 20 20 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 8/ 0/ 0/ 8/ 9/ /7 /7 /7 /8 /8 /8 /9 /9 /9 10 /0 /1 /1 3/ 7/ 13 20 27 10 24 31 14 21 28 5/ 17 12 19 ENBR3 Ibovespa L !5 =? 5 J, ' G-G " S '( #5 S( -5 S (5 ' S -5 -( < % S (5 S $5 ''( 6 % ? G G ' " D'-( '5 D ( )5 '-
  • 18. > 4 * = 83% NC = P 57 N C = P 5 #& +:' &- 5 * & $# 5 & & ) *5 -- ) +: -') &)*' & &$)* - - , " & $ # , " 2 2 & ** P # P : '& : '& ' D D # * # * # * # * 8 83% NC = P )# $5 , " ' ' - 2 ' - :P D " ' " D$) ' " " D'$* # * # * ')
  • 19. U UUU+ ) # &+ +